The Visakhapatnam Cooperative Bank has earned a net profit of ₹45.11 crore in the financial year 2020-21.
Announcing this at the annual general body meeting held here on Saturday, Chalasani Raghavendra Rao, chairman of the bank, said that the bank had recorded deposits of around ₹3,853.39 crore and advances of ₹2,719.43 crore, making a total business of ₹6,573.01 crore for the financial year ending.
The total share of capital of the bank was ₹251.40 crore with a total membership of 90,776 and the net NPA stood at 1.65% as on March 31. The bank has set a target of making ₹7,558 crore business for the financial year 2021-22.
At the meeting, it was also approved to pay a dividend of 10% to all its members, which amounts to around ₹23.89 crore.
The bank had commenced its operations in 1916 and had 46 branches in Andhra Pradesh and four in Hyderabad.
The bank’s chairman emeritus Manam Anjaneyulu said that the bank was working towards the welfare of the middle class and low middle class group of people in the society by giving loans to the needy, especially during the pandemic, at a low interest rate of 6%.
He said that the cooperative banks in India are facing troubles from both the government and Reserve Bank of India, as many amendments are being made to weaken the sector.
Other members and CEO of the bank P.V. Narasimha Murthy were present at the meet.
